Micro Finance for Small Projects
Many of those in need have great ideas but do not have the needed financial means; credit or resources to secure a loan. They usually need to purchase simple equipment. Al Orman is providing the non-profit/ no benefit loan service for those who wish to develop their ideas into actual projects. The beneficiary is only requested to pay back half of the loan according to the development of his project. The rest is granted by Al Orman.
A sum of 10,000 EGP is provided as first lot to be reimbursed over 25 months, (400 EGP monthly).
If the beneficiary fulfills three criteria; prompt payment, continuous project, successful and growing, he will move to the second stage; A non-refundable grant for 10,000 EGP.
Among the projects that Al Orman Association is developing (car mechanics – Toktok and Motorcycle repair – upholstery shops – carpet shops – groceries – carpentry – blacksmith – sewing – stationaries – workshops for clay and pottery – mobile repair shops – motorcycle spare parts – rental of wedding dresses – spice shops – fishing nets and accessories).
Eligibility for micro-financing:
Candidate must be of special need, a woman supporting a family or a divorcee or a widow.
· There should be an already existing project
· Loans are given to those in both Northern and Southern governorates throughout the year.
· Eligible cases are listed through local NGOs located in these poor areas, the lists are then submitted to Al Orman Association office in the same Governorate.
· Al Orman then sends its research representatives to double check and ensure that the gathered database is relevant.
· A copy of the listings is submitted to the Organization’s Auditing Department which confirms the eligibility of these cases.
A total amount of 78,676 small projects were established since the year 2000. An example of the projects financed are Carpentry, blacksmith, car mechanics, shoe making, pottery workshops, dressmaking, upholstery, groceries, spice shops, bakeries, and simple retail and apparel shops.
Participate with a share for 350 or donate and pay installments over 5, 10, 15, 18, 24 or 36 months.
